Precious metals weak, albeit trends remain unchanged
The SPY, and Transports closed down. The Industrials closed up and made a higher closing high unconfirmed.
Gold and Silver
SLV and GLD closed down. SLV made today a lower low unconfirmed by GLD. Some days ago there was another lower low not confirmed by GLD. If the non confirmation persists for some days, in might be indicative of the current pullback being temporarily arrested for the reasons given here.
For the reasons I explained here, and more recently here, I feel the primary trend remains bearish. Here I analyzed the primary bear market signal given on December 20, 2012. The primary trend was reconfirmed bearish, as explained here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.
Here, I explained that GLD and SLV set up for a primary bull market signal. However, a setup is not the same as the "real thing," namely the primary bull market; thus, many "setups" do not materialize and until the secondary reaction closing highs are jointly broken up, no primary bull market will be signaled.
SIL and GDX closed down. SIL violated three days ago the last recorded secondary reaction closing lows. GDX, however, refused to confirm. Accordingly, SIL and GDX are still flirting with a primary bear market signal, as was explained here and here.
The secondary trend is bearish, which is tantamount to saying that there is an ongoing secondary reaction against the primary bullish trend, for the reasons given here.
The Dow Theorist